Date: 2023-08-18T16:29:14Z Creator: Bitfolio Academy
In a furious storm of selling, yesterday, Bitcoin suffered a 10% decline, and Ethereum a 9% drop. The entire crypto market staggered under an 8% plummet.
Why this unexpected strike? The signs point towards a raging tempest in the Chinese economy. Yesterday, Evergrande declared bankruptcy in the heart of the financial world, New York City. With a staggering deficit of $84 billion, it’s buried deep under a financial avalanche. An alarming 40% of Chinese home sales defaulted on their loans, and the Chinese yuan is in a free fall.
Barring blockbuster positive news, this financial meltdown appears set to continue, gripping us all in its frenzy.
Bitcoin is currently finding support at a sturdy $26,000, and Ethereum at 1660.
Let me know in the comments. 🤔
💰 Join My FREE Discord Group:
https://en.bitfolio.biz/discord
🚀 Connect With Me on Social Media!
►► ► My LINK TREE ◄◄◄
https://beacons.ai/bitfolio
👍 JOIN Bitfolio Academy Coaching Community: https://bitfolio.biz/member
🔥 FREE Cyptocurrency Course: https://bitfolio.biz/course
💻 Bitfolio Academy Blog: https://blog.bitfolio.academy
💵 Send me a Satoshi: https://getalby.com/p/bitfolio
⚡️[email protected]
Crypto Sherpa 🚀
Sharing lessons on crypto as I try to minimize risks and shorten time horizons 📈
Disclaimer: I am not a registered investment advisor. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.
#financenews #china #crypto #bitcoin #economy #stockmarket #finance #evergrande #realestate